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Romania's GDP declines by 1.3% in 2010

Romania's Gross Domestic Product fell by 1.3 percent in 2010 compared to the previous year (in real terms) and the fourth quarter of 2010 by 0.6 percent compared to the corresponding period in 2009, according to a release issued on Thursday by the Institute of National Statistics (INS).

The Gross Domestic Product / GDP / estimated for 2010 was 513,640.8 million lei / about 120.85 billion euros/ in current prices, a fall - in real terms - by 1.3 percent compared to 2009.

The decrease was generated by a lower volume of gross added value in agriculture, hunting and forestry; fishing and fish growing (-0.8 percent), construction (-10.7 percent), trade, repair of cars and household goods; hotels and restaurants; transport and telecommunications (-4.0 percent) and other services (-2.8 percent).

Growths in the volume of activity were recorded in industry (+5.1 percent) and financial activities; real estate, renting and business services (+0.8 percent). Net taxes on products fell by 2.5 percent, the cited source mentioned.

Total final consumption decreased by 2.1 percent in 2010 compared to the previous year, mainly on the account of the decline by 3.9 percent, respectively 3.2 percent of expenditure for individual and collective consumption of the public administrations and of the final consumption of households by 1.6 percent. Gross fixed capital formation recorded a 13.1 percent reduction.

The Gross Domestic Product estimated for the fourth quarter of 2010 was 159,842.7 million lei at the current prices, down - in real terms - by 0.6 percent compared to the fourth quarter in 2009.

Growth in terms of the volume of activity were recorded in agriculture, forestry and fishery (+7.4 percent), industry (+5.8 percent) and financial activities, real estate, renting and business services (+1.2 percent) .

Constructions, commerce, automotive repair and household goods; hotels and restaurants; transport and telecommunications, and other services had a lower activity volume by 7.0 percent, 2.9 percent and 4.8 percent, the INS also informed. As a consequence of the evolution recorded per the entire economy, the volume of taxes collected to the state budget was reduced, the net taxes on products registering a decline of 3.1 percent.

In terms of using the Gross Domestic Product, in the fourth quarter of 2010 domestic demand decreased by 1.2 percent compared to same quarter of 2009, primarily due to a 4.7 percent shrinkage of the fixed gross capital formation. Total final consumption decreased by 2.0 percent mainly due to a decline in the individual final consumption and collective consumption by public administrations by 4.2 percent, and respectively 4.5 percent. Household final consumption decreased by 0.9 percent, as a consequence of a reduced volume of retail sales (-5.6 percent).

The volume of imports (+12.2 percent) was exceeded by that of exports (+17.1 percent). The Gross Domestic Product - seasonally adjusted data - estimated for the fourth quarter of 2010 increased - in real terms - by 0.1 percent compared to the third quarter of 2010.

Sursa: http://www.actmedia.eu

Tags: percent volume quarter final consumption fourth terms domestic product compared gross

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